TL;DR
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As of yesterday, Binance users can mine Bitcoin.
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In fact, Binance says: instead of an expensive upfront investment in hardware and tons of YouTube tutorials to figure out how to set up a BTC mine yourself, we make it easy for you and share in the revenue generated.
Full story
As Binance.US continues to fight with the SEC, Binance.com continues to innovate.
As of yesterday, Binance users can mine Bitcoin.
“But don’t it take crazy, complex computers with enormous computing power to mine BTC?”
Yes, it does – well, it does did.
Here’s how this works:
Binance.com (not to be confused with the separate US-based entity, Binance.US) has established contracts with existing BTC mining companies.
For this six-month beta launch, they are charging Binance users $10,728 USD for every Terahash per second (TH/s).
If you’ve never heard of a ‘Terahash’, all you need to know is that the more you spend on TH/s, the more likely you are to mine BTC blocks – and thus the more potential income you can earn from mining .
In fact, Binance says: instead of an expensive upfront investment in hardware and tons of YouTube tutorials to figure out how to set up a BTC mine yourself, we make it easy for you and share in the revenue generated.
While this is just a trial, it will be interesting to see how many new people are on board in the world of BTC mining.
We assume that Binance is doing arbitrage on a massive scale – making a little less money than they could if they didn’t do profit sharing, but got a whole bunch of data and maybe even some new users in the process.
If this works out well, it wouldn’t be surprising to see this rolled out by other companies in the future.